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Goodwill charge increases Pomeroy loss

November 14 2007

Pomeroy IT Solutions Inc. (NASD: PMRY) posted a $91.8 million loss in the third quarter, compared with a loss of $1.0 million in the same period last year. The company said it took a $98.3 million charge for goodwill impairment; $2.1 million for a software replacement plan; $1.5 million for settlement of lawsuits; and $300,000 for legal, consulting, and proxy settlement costs. The net loss would have been $800,000 without the charges, according to the company.

Third-quarter revenue at Pomeroy fell 1.4% to $152.7 million from $154.9 million in the third quarter of 2006. Gross margin slipped to 13.6% from 14.6%

Pomeroy IT Solutions Inc. (NASD: PMRY For the third quarter ended Oct 5, 2007, compared with the same period in 2006.

Revenue: $152.7 million, -1.4%

Net loss: $91.8 million vs. net loss of $1.0 million


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